Borsa Istanbul offers high-beta exposure to steel, energy and aviation cycles with emerging-market upside. Ereğli, Turkish Airlines and Tüpraş are the core cyclical plays — note currency risk in TRY.
| # | Company | Signal | Cycle return |
|---|---|---|---|
| 1 | ErdemirEREGL.IS | HRC Steel + TRY | |
| 2 | TüpraşTUPRS.IS | Refining Margins | |
| 3 | Koç HoldingKCHOL.IS | Turkish Macro |
| # | Stock | Signal | Cycle return | Duration | Period |
|---|---|---|---|---|---|
| 1 | Ereğli Demir ÇelikEREGL | Steel HRC | 24 mnd | 2020-04 → 2022-04 | |
| 2 | Turkish AirlinesTHYAO | Flying Hours | 38 mnd | 2020-04 → 2023-06 | |
| 3 | Koza AltınKOZAL | Gold Price | 18 mnd | 2018-09 → 2020-03 | |
| 4 | TüpraşTUPRS | Brent Crude | 24 mnd | 2020-04 → 2022-04 | |
| 5 | KardemirKRDMD | Steel HRC | 20 mnd | 2020-04 → 2021-12 | |
| 6 | PetkimPETKM | Brent Crude / PMI | 18 mnd | 2020-04 → 2021-10 | |
| 7 | AselsanASELS | NATO Defence | 30 mnd | 2022-02 → 2024-08 | |
| 8 | BIM BirleşikBIMAS | Global PMI | 15 mnd | 2020-04 → 2021-07 |
| # | Company | Signal | Return |
|---|---|---|---|
| 1 | Koza AltınKOZAL.IS | Gold + TRY Rate | |
| 2 | KardemirKRDMD.IS | HRC Steel + Construction | |
| 3 | PetkimPETKM.IS | PMI + Naphtha Spread | |
| 4 | AselsanASELS.IS | Turkish Defence Budget |